(Yicai Global) June 1 -- Deutsche Bank AG [ETR:DBK] and China Development Bank, the country's policy lender, will look for opportunities to collaborate under the Belt and Road framework and further the yuan's internationalization.
The parties signed a memorandum of understanding on cooperation in Berlin and agreed to work together on projects worth USD3 billion over the next five years, the Frankfurt-based company said on its official website yesterday.
They also plan to establish a joint team to work on projects that promote the Belt and Road initiative. Subject to applicable laws, CDB and Deutsche Bank will provide credit and financing for clients of both banks through joint lending.
Strengthening infrastructure links between China and Europe will provide important development opportunities for relevant countries, said Garth Ritchie, the head of Deutsche Bank's corporate and investment bank.
Deutsche Bank is also seeking approval to issue panda bonds -- yuan-denominated debt sold on the Chinese bond market, Handelsblatt newspaper reported.